Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 7.3% - What's Next?

Key Points

• Olema Pharmaceuticals shares increased by 7.3%, reaching a last traded price of $8.34, despite trading volume declining significantly by 69%.
• Several analysts recently upgraded their ratings and price targets for Olema, with a consensus target set at $23.00, indicating optimism for future growth.
• In the past 90 days, insiders sold 25,000 shares of Olema Pharmaceuticals, which raises questions about confidence among top executives as they hold only 16.36% of the stock.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s stock price was up 7.3% during trading on Tuesday . The stock traded as high as $8.23 and last traded at $8.34. Approximately 304,280 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 967,245 shares. The stock had previously closed at $7.77.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OLMA. UBS Group reissued a "buy" rating on shares of Olema Pharmaceuticals in a report on Monday. Guggenheim initiated coverage on Olema Pharmaceuticals in a research report on Wednesday, October 8th. They issued a "buy" rating and a $20.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Olema Pharmaceuticals from $28.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Zacks Research raised Olema Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $22.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday, September 3rd. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Olema Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Olema Pharmaceuticals Stock Performance

The stock has a 50-day moving average price of $7.94 and a 200 day moving average price of $5.75. The firm has a market capitalization of $567.91 million, a price-to-earnings ratio of -4.18 and a beta of 2.08. The company has a quick ratio of 11.09, a current ratio of 11.09 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.51) earnings per share for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.08). On average, analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 EPS for the current year.

Insiders Place Their Bets

In other news, Director Cyrus Harmon sold 3,086 shares of the business's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $8.32, for a total transaction of $25,675.52. Following the completion of the sale, the director owned 117,028 shares in the company, valued at approximately $973,672.96. The trade was a 2.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 25,000 shares of company stock worth $204,841 over the last 90 days. 16.36% of the stock is currently owned by company insiders.

Institutional Trading of Olema Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its stake in shares of Olema Pharmaceuticals by 55.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company's stock valued at $26,000 after purchasing an additional 2,168 shares during the last quarter. Farther Finance Advisors LLC grew its position in Olema Pharmaceuticals by 602.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company's stock valued at $29,000 after buying an additional 5,866 shares during the last quarter. FNY Investment Advisers LLC increased its stake in Olema Pharmaceuticals by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock valued at $42,000 after buying an additional 5,000 shares during the period. Quarry LP acquired a new stake in Olema Pharmaceuticals in the first quarter valued at about $45,000. Finally, Alpine Global Management LLC acquired a new position in Olema Pharmaceuticals during the first quarter worth $52,000. 91.78% of the stock is owned by hedge funds and other institutional investors.

About Olema Pharmaceuticals

Olema Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapies for women's cancers. Its lead product candidate is OP-1250, an estrogen receptor (ER) antagonist and a selective ER degrader, which is in Phase 3 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive, human epidermal growth factor receptor 2-negative breast cancer; and OP-1250 combine with CDK4/6 inhibitors palbociclib, ribociclib, and alpelisib in Phase 1/2 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive human epidermal growth factor receptor 2-negative breast cancer, as well as develops OPERA-01 for the of ER+/HER2- advanced or metastatic breast cancer.

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